Gold prices to go down

In the budget proposal, Finance Minister AHM Mustafa Kamal has proposed to withdraw the existing advance tax on the import of gold in a bid encourage imports through the formal channel.

“I propose to withdraw advance tax on import of gold with a view to encouraging import of gold through formal channel and discouraging gold smuggling in the country,” Kamal said in the budget speech. This will hopefully lead to much growth of the jewelry industry in the country and increase tax revenue collection, he said.

“The Gold Policy-2018, which came into force on October 29, 2018, was made with a view to increasing government revenue by bringing the gold sector of the country within a regulatory framework.